World leaders: how iron ore production in Australia has changed since 2022

According to GlobalData, Australia is the world’s largest producer of iron ore, with output of 958 million tonnes (Mt) in 2023, up by 3% on 2022. The country accounts for 38% of global production, ahead of the world’s other leading producers, Brazil (18%), India (10%) and China (10%). Over the five years to 2022, production from Australia increased by a combined annual growth rate (CAGR) of 0.76% and is expected to rise by a CAGR of 3% between 2023 and 2027.

Exports of iron ore from Australia increased by 1% to 886Mt in 2023 over 2022, with the highest share being exported to China. Australia's iron ore exports are expected to grow at a CAGR of 3% between 2023 and 2027, to 1,042Mt by 2027. 

Leading producers of iron ore in Australia are Rio Tinto, BHP, the Fortescue Metals Group, Mitsui and Mineral Resources. Rio Tinto's output was 263.04Mt in 2021, down by 3% on 2020. BHP produced 245.36Mt, an increase of 0.11%, and output from Fortescue Metals Group was 244.2Mt, an increase of 18% on the previous year.